Bike/Two wheeler Loan Interest Rates - Major Banks & NBFCs
Bike/Two wheeler Loan Interest Rates - Major Banks & NBFCs
May 10, 2023
5 Minutes
Decoding Two-Wheeler Financing: Navigating Bike Loan Interest Rates in 2023
Looking to own a two-wheeler without breaking the bank? Explore Two Wheeler Loans offered by various banks and Non-Banking Financial Companies (NBFCs) to make your dream ride a reality. Here's a concise guide to Bike Loan Interest Rates, offering key insights and a curated list of top lenders.
Lowest Two-Wheeler Loan Interest Rates 2023
Discover the lowest Bike Loan interest rates in India for 2023:
SBI: 8.50% onwards, Processing Fee: 2% of loan amount + GST
SBI Easy Ride: 11.90% onwards, Contact the Bank for details
Bandhan Bank: 16.50% to 22.5%, Processing Fee: 2% of loan amount + GST
HDFC Bank: 14.5% onwards, Processing Fee: Up to 2.5% of the loan amount
ICICI Bank: 9% to 28.00%, Processing Fee: 3.5% of loan amount + GST (Super Premium Vehicles) / 4.75% of loan amount + GST (Non-premium and Premium Vehicles)
... and more
Loan Amounts Offered by Different Banks
Explore the minimum and maximum loan amounts provided by leading banks:
SBI: Rs. 20,000 to Rs. 3 lakhs
SBI Easy Ride: Rs. 20,000 to Rs. 3 lakhs
Bandhan Bank: Rs. 10,000 to Rs. 5 lakhs
HDFC Bank: As per the bank's terms, Up to 100% of the vehicle's price
... and more
Note: Loan amounts are subject to change based on credit scores and vehicle types.
Types of Bike Loan Interest Rates
Choose between fixed and variable interest rates:
Fixed Interest Rates:
Generally higher but consistent.
Variable Interest Rates:
Fluctuate based on market conditions.
Documents Required for Bike/Two-Wheeler Loan
Simplify the application process with essential documents:
Identification Proof: PAN Card, Aadhar Card, Voter I.D., Passport, Driving Licence.
Address Proof: Ration Card, Electricity Bill, Telephone Bill, Passport.
Income Proof: Form 16, salary slips, income tax return documents.
Date of Birth Proof: Class 10 Marksheet, Passport, Birth Certificate.
Eligibility Criteria for Two-Wheeler Loan Applicants
Ensure smooth loan approval by meeting eligibility criteria:
Age: 18 to 65 years.
Employment: Salaried or self-employed.
Residency: Minimum one year in current city.
Employment Duration: Minimum one year.
Credit Score: CIBIL Score of 700 or above.
Factors Affecting Bike Loan Interest Rates
Navigate interest rates by considering influential factors:
Credit Score:
Scores above 700 yield lower rates.
Workplace Recognition:
Employer reputation influences rates.
Existing Lender Relationship:
Positive rapport leads to favorable rates.
Job Description:
Varied rates for salaried and self-employed.
Age:
Advanced age may result in higher rates.
Monthly Income:
Minimum income criteria influence rates.
Conclusion:
Affordable Two-Wheeler Ownership
In conclusion, Two Wheeler Loans offer a financial lifeline for affordable bike ownership. Choose the right lender, consider the factors, and ride toward your dream bike without hefty upfront costs.
Decoding Two-Wheeler Financing: Navigating Bike Loan Interest Rates in 2023
Looking to own a two-wheeler without breaking the bank? Explore Two Wheeler Loans offered by various banks and Non-Banking Financial Companies (NBFCs) to make your dream ride a reality. Here's a concise guide to Bike Loan Interest Rates, offering key insights and a curated list of top lenders.
Lowest Two-Wheeler Loan Interest Rates 2023
Discover the lowest Bike Loan interest rates in India for 2023:
SBI: 8.50% onwards, Processing Fee: 2% of loan amount + GST
SBI Easy Ride: 11.90% onwards, Contact the Bank for details
Bandhan Bank: 16.50% to 22.5%, Processing Fee: 2% of loan amount + GST
HDFC Bank: 14.5% onwards, Processing Fee: Up to 2.5% of the loan amount
ICICI Bank: 9% to 28.00%, Processing Fee: 3.5% of loan amount + GST (Super Premium Vehicles) / 4.75% of loan amount + GST (Non-premium and Premium Vehicles)
... and more
Loan Amounts Offered by Different Banks
Explore the minimum and maximum loan amounts provided by leading banks:
SBI: Rs. 20,000 to Rs. 3 lakhs
SBI Easy Ride: Rs. 20,000 to Rs. 3 lakhs
Bandhan Bank: Rs. 10,000 to Rs. 5 lakhs
HDFC Bank: As per the bank's terms, Up to 100% of the vehicle's price
... and more
Note: Loan amounts are subject to change based on credit scores and vehicle types.
Types of Bike Loan Interest Rates
Choose between fixed and variable interest rates:
Fixed Interest Rates:
Generally higher but consistent.
Variable Interest Rates:
Fluctuate based on market conditions.
Documents Required for Bike/Two-Wheeler Loan
Simplify the application process with essential documents:
Identification Proof: PAN Card, Aadhar Card, Voter I.D., Passport, Driving Licence.
Address Proof: Ration Card, Electricity Bill, Telephone Bill, Passport.
Income Proof: Form 16, salary slips, income tax return documents.
Date of Birth Proof: Class 10 Marksheet, Passport, Birth Certificate.
Eligibility Criteria for Two-Wheeler Loan Applicants
Ensure smooth loan approval by meeting eligibility criteria:
Age: 18 to 65 years.
Employment: Salaried or self-employed.
Residency: Minimum one year in current city.
Employment Duration: Minimum one year.
Credit Score: CIBIL Score of 700 or above.
Factors Affecting Bike Loan Interest Rates
Navigate interest rates by considering influential factors:
Credit Score:
Scores above 700 yield lower rates.
Workplace Recognition:
Employer reputation influences rates.
Existing Lender Relationship:
Positive rapport leads to favorable rates.
Job Description:
Varied rates for salaried and self-employed.
Age:
Advanced age may result in higher rates.
Monthly Income:
Minimum income criteria influence rates.
Conclusion:
Affordable Two-Wheeler Ownership
In conclusion, Two Wheeler Loans offer a financial lifeline for affordable bike ownership. Choose the right lender, consider the factors, and ride toward your dream bike without hefty upfront costs.
Author
Pluto Team
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